The First Step in the Evolution of Money Involved the Use

question 91

Multiple Choice

The first step in the evolution of money involved the use of _____.

• A)physical commodities
• B)barter
• C)pieces of paper representing claims on physical commodities
• D)pieces of paper with no intrinsic value
• E)electronic entries representing claims on pieces of paper with no intrinsic value

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Definitions:

M Rises

This term is unclear without context, but could refer to an increase in a specific variable "M" in mathematical, economic, or other models.

Percentage Rise

A measure of how much a quantity increases over a period, expressed as a percentage of the initial value.

Equation of Exchange

An economic formula representing the relationship between the money supply, its velocity, the price level, and the number of transactions in an economy: MV = PQ.

Economy Output

The total value of all goods and services produced by an economy over a specific time period, also known as gross domestic product (GDP).